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It was a tale of two Telecities, the one told by the datacentre company and the one that investors heard.

Here is a company that has been something of a quiet achiever in the technology sector in recent years, when admirers were attracted to its steady income growth and expansion, qualities underscored yesterday by results for last year. Revenues rose by a healthy 15 per cent to £325.6 million and profits jumped by a still greater margin. Its final dividend was lifted by a thumping 40 per cent.

So far, so good. However, when stocks are priced for exponential growth,